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Swire Properties Limited ("Swire Properties") and HKR International Limited ("HKRI") announced today that they have signed a conditional agreement for the purchase by Swire Properties of a 50% interest in the Dazhongli Project in the Jing'an District of Shanghai.
As a result of this agreement, Swire Properties and HKRI will become strategic partners in the development of the Dazhongli Project, a landmark project in Jing'an District consisting of a major retail centre, offices, hotels, serviced apartments and residential units, to be jointly developed and held primarily for long term investment.
"We are honoured to work with such a reputable partner. By leveraging on both companies' expertise, especially the proven track record of Swire Properties in developing premier retail and commercial developments, we trust that substantial synergies would be created to add much further value to the project," said Mr. Victor Cha, Managing Director of HKR International Limited.
"The Dazhongli Project is aimed to be a flagship development, a Shanghai landmark as well as a destination point in Jing'an District. With the core strengths of HKRI in developing mega scale projects with innovative concepts like Discovery Bay, and multi-disciplinary projects in Hong Kong and SE Asia, we are confident in creating a signature project at Jing'an," remarked Mr. Cha.
This agreement also signifies a milestone in achieving HKRI's strategic objective of expanding and diversifying in Mainland China while helping to build a broader recurrent income base.
Keith Kerr, Chairman of Swire Properties, commented: "We believe this site in Jing'an has excellent long term potential and fits well with our core investment strategy of retail-led mixed use projects in major Chinese cities. We have similar aspirations to HKRI in the creation of long term value, and we welcome the opportunity of working with them.
"We have a track record of high quality developments in Hong Kong and can bring that experience to this opportunity in Shanghai. We believe that working with HKRI we can create a major new centre in Jing'an District, making the most of the unique characteristics of the site in order to maximize the potential of the development. This will enable us to create maximum value for both our shareholders and for the local community."
About Swire Properties Limited
Incorporated in 1972, Swire Properties develops and manages commercial, retail and residential properties which offer exceptional and inviting environments in prime locations, with a strategy to 'hub' its investment properties at major mass transportation intersections, providing the highest level of accessibility and connectivity to its tenants and patrons. The completed portfolio in Hong Kong totals over 13 million sq ft of gross floor area, with Island East, Pacific Place and Festival Walk as its core holdings, reflecting its strength in building communities. Besides Hong Kong, the Company has a presence in China, the USA as well as United Kingdom.
The Company is a wholly-owned subsidiary of the publicly-listed Swire Pacific Limited whose businesses are grouped under five operating divisions - property, aviation, beverages, marine services and trading & industrial.
Visit Swire Properties web site at www.swireproperties.com
About HKR International Limited
HKR International Limited is a Hong Kong-based corporation publicly listed on The Stock Exchange of Hong Kong and is a constituent of the 200-stock Hang Seng Composite Index Series. The Group has interests in property development and management, luxury hotels, property related manufacturing, transportation, healthcare and other investments in Hong Kong, China and Asia Pacific.
For more details about the company, please visit HKRI website at www.hkri.com
Dazhongli Project, Jingan District, Shanghai
A Joint Development by Swire Properties and HKRI
Fact sheet (November 2006)
Introduction
The site is approximately 63,000s.m. plot of land bounded on the north by Nanjing West Road 南京西路, on the west by Shimenyi Road 石門一路 (across the Four Seasons Hotel), on the south by Weihai Road 威海路, and on the east by Qinhai Road 青海路 (across the Shanghai TV Building).
Centrally located on Nanjing Road, the site is a short walk from several key nodes - People's Park, the Shanghai Exhibition Centre and the Western Commercial District where Plaza 66, CITIC Square, and Westgate Tower are situated. Development plan of this Project is both inspired by and designed to actively promote these prime cultural, business and social environments.
The retail-led mixed use project, including residences, offices, serviced apartments, commercial space, deluxe and boutique hotels, is to create the most exclusive address and a new social hub in Shanghai.
Accessibility
Dazhongli project will be a pivotal point bridging Nanjing West Road (concentration of prime office buildings, luxury malls, and upper-tier residential communities) and Nanjing East Road (traditional commercial center and tourism attraction points) which extends to the Bund.
Dazhongli project will enjoy unmatchable linkages to the MTRs - including the connection with MTR M5 (also known as "Line 13") Station linking Dazhongli project with Xintiandi and Huaihai Road Area (1 stop) and the EXPO site (2 stops). Transit tunnel or linkage arcade to existing Nanjing West Road station in R2 line and planned MTR S.M. station. Existing R2 line and its extension is a vital link between Pudong and Hongqiao airports.
Project components
Components
A. Residential / Serviced Apartments
B. Office
C. Hotel
D. Boutique Hotels
E. Retail
F. Private Club
G. Carpark / M&E and other basement area
TOTAL GFA approximately 290,000 s.m.
Development Status
First phase of the resettlement work has commenced in August 2006 and is anticipated to be substantially completed by end of 2007.